Written Commentary
MORNING OUTLOOK
Grains are mixed. SU is up 8 cents and near 13.45. SMU is near 393.0. BOU is near 57.98. CU is down 3 cents and near 5.88. CN is near 7.47. WU is up 16 cents and near 8.23. KWU is up 13 cents and near 8.75. MWU is up 5 cents and near 8.95.
US stocks are lower. US Dollar is higher. Crude is higher but near $97. Gold, silver, copper and cotton are lower. Coffee, sugar and cocoa are higher. Rains continue is north US Midwest. Central and south drier and warmer next week.
Soybean and soymeal futures are trying to finds support from and oversold tech picture. Dalian soybean and soymeal were lower. Dalian soyoil is down 7 pct and palmoil 10 pct. China hog futures were down 5 pct. USDA dropped US 2022 soybean crop ratings to 63 pct G/E vs 65 last week and 59 ly. AR is 69, IL 62, IN 50, OH 48, MN 68, IA 77, NE 61, ND 68. US weekly soybean exports were only 13 mil bu vs 8 last year. Season to date exports are near 1,901 (-214) vs 2,115 ly. USDA goal is 2,170 (-91) vs 2,261 ly.
Sep corn futures are lower. Dalian corn futures were lower. July corn is near 7.47. USDA dropped US 2022 corn crop ratings to 64 pct G/E vs 67 last week and 64 ly. IL is 65, IN 48, OH 49, MN 68, IA 77, NE 62, ND 77. US weekly corn exports were only 26 mil bu vs 49 last year. Season to date exports are near 1,893 (-401) vs 2,294 ly. USDA goal is 2,450 (-303) vs 2,753 ly.
Wheat futures are higher. USDA raised US 2022 winter wheat crop ratings to 31 pct G/E vs 30 last week and 47 ly. US winter wheat harvest is 54 pct vs 41 last week and 43 ly. KS is 83. USDA also raised US spring wheat crop rating to 66 pct G/E vs 59 last week and 16 ly. US weekly wheat exports were only 4 mil bu vs 13 last year. Season to date exports are near 53 vs 70 ly. USDA goal is 775 vs 805 ly. US HRW export prices are below Russia and US SRW prices are cheapest in World. Some estimate US consumer flour demand remains near normal. Bakers continue to grind at high levels.
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